The US SEC’s decision to appeal against a federal court ruling last year that recognized XRP is not a security has created shockwaves in the cryptocurrency market, especially the XRP market. The XRP price has dropped at least 1.2% in the last 24 hours. On September 30, the opening price of XRP was around $0.6405. By the close of the previous day, it slipped to a low of $0.5218. In just four days, the market has witnessed a drop of at least 22.74%.
This overall picture of the market reflects an impression that the XRP market is heading towards a bearish zone. Challenging this general view about XRP, Bobby A, a cryptocurrency analyst, has shared an extremely optimistic view about the future of this cryptocurrency. His view now acts like a thin ray of hope. Ready to get a glimpse of this view! Please read on!
SEC Appeal Unlikley to Trigger Bear Market for XRP
Bobby A has used his X handle to share his optimistic view about XRP. His post asserts that the SEC’s appeal against the federal court’s ruling in favor of XRP is not a signal for a long-term bearish market. The rationale behind this assertion is the fact that during the 2020 SEC lawsuit, against the general expectations, the price of XRP actually increased instead of decreasing.
From the post, it can be assumed that the expert believes that, just like what happened during the 2020 lawsuit, this time also, instead of decreasing, the price of XRP will rise.
Technical Indicators Signal Major Breakout in XRP
Bobby’s post draws attention to certain important technical indicators. The Bollinger Band is prominent among them. When this indicator is applied to the daily chart of XRP, it becomes evident the massive red candlestick developed on October 2 pulled the price down from the upper zone of the band to the lower. The same downward pressure pushed the price out of the band on the same day itself.
Yesterday, the price was further pushed away from the band. Right now, the XRP market is attempting to re-enter the band and has almost touched the lower end of the band.
As per Bobby’s opinion, the bands right now are the tightest they have ever been in XRP’s history.
The post also points out the fact that XRP tends to experience rapid price appreciation after Bitcoin halving. The XRP market saw rapid appreciation in 2017 and 2020.
Political Factors Could Influence XRP’s Future
Bobby, it seems, is pro-Trump, like most cryptocurrency analysts. Unsurprisingly, his post also mentions the possibility of the removal of Gary Gensler from the post of SEC chairman after Trump’s victory in the upcoming presidential election next month. Like other pro-Trump analysts, he also expects to see massive bullish momentum in the crypto market under a Trump-led US government.
In conclusion, Bobby’s view comes as a true ray of hope to many who have struggled to digest the sharp drop in the XRP market after the SEC’s decision to appeal last year’s court ruling favoring the market. Ripple news is likely to closely follow these developments, providing further insights into whether Bobby’s optimism will prove accurate.
